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Oil ramped up pretty quickly to almost $150 per barrel but that’s last month’s news. Since oil peaked at $147.20 the price has dropped – and fast. As the economy is slowing and people are using less oil the speculative bubble is draining pretty quickly. Yesterday oil reached a low of $120.50 in NY before closing at $121.41 and today the price of Brent Oil dropped another 2.8 percent to $118. For the first time since May the price of oil is back under $120 and IMO if it stays calm on the geopolitical front we can expect further drops this month.

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